Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

<ul>
<li>On 26th Aug 2022, PCAOB and CSRC announced that they had entered into an agreement granting US authorities access to investigate public accounting firms headquartered in China and HK.</li>
<li>On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.</li>
<li>In this note, we'll talk about the latest developments and its implications.</li>
</ul>


On 26th Aug 2022, PCAOB and CSRC announced that they had entered into an agreement granting US authorities access to investigate public accounting firms headquartered in China and HK.
On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.
In this note, we'll talk about the latest developments and its implications.


China ADRs Delisting - Tide Is Turning - Non-HK Listed ADRs Are Already Outperforming

Research on Tech Companies

Evelyn Zhang

Equity Bottom-Up

New Oriental Education & Techn / Equity Bottom-Up

<ul>
<li>Oriental Selection achieves high-speed user growth through bilingual livestreaming, thanks to Douyin's  algorithmic recommendation mechanism before 6/18 ecommerce, after 6/18 the increase in the follower numbers &amp; GMV dropped sharply.</li>
<li>The unit price of the product is below average, due to the focus on produce and books, Agricultural livestreaming has always been a difficult to grow category</li>
<li>10%-15% Commission  is lower than industry average, and subsequent supply chain control and 1st party products have lower margins.</li>
</ul>


Oriental Selection achieves high-speed user growth through bilingual livestreaming, thanks to Douyin's  algorithmic recommendation mechanism before 6/18 ecommerce, after 6/18 the increase in the follower numbers &amp; GMV dropped sharply.
The unit price of the product is below average, due to the focus on produce and books, Agricultural livestreaming has always been a difficult to grow category
10%-15% Commission  is lower than industry average, and subsequent supply chain control and 1st party products have lower margins.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The latest bear market rally came to a close last week after the S&amp;P 500 and Nasdaq 100 (QQQ) broke below their respective flag supports at 4070 and $304. </li>
<li>Last week we noted a break of these levels would likely mean a trip back to YTD lows and downtrend channel support, which is precisely where we are now.</li>
<li>We remain bearish as long as the downtrends remain intact on the S&amp;P 500, Nasdaq 100 (QQQ), Russell 2000 (IWM), S&amp;P 600 (IJR), and Russell Micro-Caps (IWC)</li>
</ul>


The latest bear market rally came to a close last week after the S&amp;P 500 and Nasdaq 100 (QQQ) broke below their respective flag supports at 4070 and $304. 
Last week we noted a break of these levels would likely mean a trip back to YTD lows and downtrend channel support, which is precisely where we are now.
We remain bearish as long as the downtrends remain intact on the S&amp;P 500, Nasdaq 100 (QQQ), Russell 2000 (IWM), S&amp;P 600 (IJR), and Russell Micro-Caps (IWC)


US Dollar & 10-Year Treasury Yield Breaking Out; Stick With Energy, Also Buying China Education Svcs

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Zhihu Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">Zhihu Technology (ZH US)</a> has launched an HKEx dual-primary listing to raise $150-200 million. The H Shares will be priced on 14 April and listed on 22 April.</li>
<li>In <a href="https://www.smartkarma.com/insights/zhihu-dual-primary-listing-a-question-of-judgment" target="_blank" data-smartkarma-citation="insights:68266" rel="noopener">Zhihu Dual-Primary Listing: A Question of Judgment</a>, we stated that while a loss-making tech name is not everybody's cup of tea, Zhihu has resilient performance and an undemanding valuation.  </li>
<li>In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be reasonable, in our view.</li>
</ul>



Zhihu Technology (ZH US) has launched an HKEx dual-primary listing to raise $150-200 million. The H Shares will be priced on 14 April and listed on 22 April.
In Zhihu Dual-Primary Listing: A Question of Judgment, we stated that while a loss-making tech name is not everybody's cup of tea, Zhihu has resilient performance and an undemanding valuation.  
In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be reasonable, in our view.


Zhihu Dual-Primary Listing: HK-ADS Premium/​​​(Discount) Views

China

New Oriental Education & Technology Group, Inc. offers educational services. The Company offers foreign language training, test preparation courses for admissions and assessment tests in the United States, the PRC and Commonwealth countries, primary and secondary school education, and other services. New Oriental Education & Technology Group also operates software development.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

New Oriental Education & Techn (EDU US)

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

China ADRs Delisting - Tide Is Turning - Non-HK Listed ADRs Are Already Outperforming

On 26th Aug 2022, PCAOB and CSRC announced that they had entered into an agreement granting US authorities access to investigate public accounting...

Sumeet Singh

A New New Oriental?

After the recent doldrums, the education giant New Orient re-entered the spotlight recently with its new found streaming success. But can it last?

Evelyn Zhang

US Dollar & 10-Year Treasury Yield Breaking Out; Stick With Energy, Also Buying China Education Svcs

US Dollar $DXY & 10-Year Treasury Yield $TNX Breaking Out; Broad Equity Market Not Likely to Bottom Until the USD and Treasury Yields Start Moving...

Vermilion Research

Zhihu Dual-Primary Listing: HK-ADS Premium/(Discount) Views

In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

China ADRs Delisting - Tide Is Turning - Non-HK Listed ADRs Are Already Outperforming

On 26th Aug 2022, PCAOB and CSRC announced that they had entered into an agreement granting US authorities access to investigate public accounting...

Sumeet Singh

A New New Oriental?

After the recent doldrums, the education giant New Orient re-entered the spotlight recently with its new found streaming success. But can it last?

Evelyn Zhang

US Dollar & 10-Year Treasury Yield Breaking Out; Stick With Energy, Also Buying China Education Svcs

US Dollar $DXY & 10-Year Treasury Yield $TNX Breaking Out; Broad Equity Market Not Likely to Bottom Until the USD and Treasury Yields Start Moving...

Vermilion Research

Zhihu Dual-Primary Listing: HK-ADS Premium/​​​(Discount) Views

In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be...

Arun George

Zhihu Dual-Primary Listing: HK-ADS Premium/(Discount) Views